Morgan Stanley Investment Management, the fund management arm of the US bank, has seen pre-tax profits slide in the third quarter by 25% to $162m (€132m), reflecting lower private equity revenues.

The asset management division reported pre-tax income of $162m in the quarter to August 31, compared with last year's total of $217m.

Morgan Stanley investment profits slide 25%

Jason Corcoran

Morgan Stanley

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The London-based bank said it is well on its way to achieving the target of returning at least $8 billion to shareholders over the three years ending in 2026.

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The retail trading platform posted a profit of $386 million for the quarter.

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The pact imposes a baseline tariff of 15% on the U.S.’s biggest trading partner.

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The leaders of America’s chip giants cheered the president’s artificial intelligence orders, which could help boost the domestic semiconductor industry.

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